Akorn Can't Duck Investor Suits Over Collapsed $4.3B Merger
Law360 (February 6, 2020, 3:09 PM EST) -- Akorn Inc. must face two securities fraud suits over its $4.3 billion merger that imploded after regulatory violations came to light, an Illinois federal judge ruled Wednesday, finding that the generic drug-maker plausibly deceived shareholders in its financial filings.
U.S. District Judge Matthew F. Kennelly rejected Akorn's bid to dismiss two similar suits accusing it of hiding data integrity problems with its generic drug testing from the U.S. Food and Drug Administration, which later tanked Akorn's acquisition by Fresenius Kabi AG.
The judge said Akorn's noncompliance with FDA standards was a "known trend" because employees had raised the issue with management...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!